Now the first thing I need to say is that at least as far as I'm concerned, the standard by which laptop bags should be judged is the Targus OCN1; it's a simple but flexible design that can manage anything from an 11in netbook all the way up to a widescreen 15in MacBook Pro. Although a little small for my taste, the Caselogic PNM-214 measures up to it for the most part; I've been carrying it around for a couple of weeks now. I like some of its design flourishes -- the top-access compartment, for example, is well-padded and split in two to hold cords and the like, and the front pocket is just big enough to comfortably handle standard optical media (I keep my system discs in there). A feature I especially like is the MOLLE-like web loop attachment points on the front and back of the bag; you can easily attach things like camera pouches, or even expand the bag by adding, say, a military surplus map pouch or the like. The styling appears geared towards high school and college students (I guess that's what "a hint of attitude" is supposed to mean in the ad copy), with the front panel being made out of a stiffer nylon than the rest of the bag's construction.
Except... it's got a few flaws. The first is a major facepalm decision -- the front compartment, the one you might put documents or extra cables in, is closed with a magnetic clasp, and a rather weak one at that. In an era where magnetic latches on laptops are somewhat common and almost all exchange media is optical or flash memory, this is not necessarily going to be an issue, but if you carry around a floppy or Zip drive or any other kind of magnetic media, this is a nonnegotiable dealbreaker. Another issue that's more an annoyance than anything else: the total, unfolded length shoulder strap is six inches to a foot too short; I'm 5'8", and I can just about stretch it out to a length that's comfortable for carrying cross-shoulder (for security reasons, as anyone carrying expensive gear through a crowded area should do), and someone significantly taller than me will find the bag crawling up their armpit even at maximum extension. Worse, unlike even Targus' cheapest bags, the shoulder strap is not removable -- the non-extending end is sewn directly into the bag's structure, meaning you're pretty much stuck with it.
Overall, this bag could have been a five-star product -- a longer, removable strap and a snap or velcro closure rather than the magnetic clasp would both have been trivial. It certainly isn't worth the MSRP, and I question whether it's even worth the discounted Amazon price. It's a damn shame -- it's otherwise a stylish, solid product.
UPDATE 12/10: Six months later and I'm still using the bag despite the fact that I stand behind what I said about its limitations. Judge that however you will.